Question
What is the interest rate per annum at which the simple interest on 10000in four years is 2000
Answers
GPT 3.5
To find the interest rate per annum, we can use the formula for simple interest:
Simple Interest = (Principal * Rate * Time) / 100
Let's plug in the values we know:
2000 = (10000 * Rate * 4) / 100
We can cross multiply to solve for the rate:
2000 * 100 = 10000 * Rate * 4
200000 = 40000 * Rate
Rate = 200000 / 40000
Rate = 5
Therefore, the interest rate per annum at which the simple interest on $10000 in four years is $2000 is 5%.
Simple Interest = (Principal * Rate * Time) / 100
Let's plug in the values we know:
2000 = (10000 * Rate * 4) / 100
We can cross multiply to solve for the rate:
2000 * 100 = 10000 * Rate * 4
200000 = 40000 * Rate
Rate = 200000 / 40000
Rate = 5
Therefore, the interest rate per annum at which the simple interest on $10000 in four years is $2000 is 5%.